RE: Decka24 Sep 2023 09:17
HAD005 was a very very lucky fluke - to hit one of HAV's best drill results as hole no.5, rather than hole no 205 is to be considered exceptional, not the norm.
From the Rio JV:
§ ..... 2,000 metres of drilling before 31 December 2024
- Stage 1 Farm-In:.....7,500 metres of drilling within four years;
and
- Stage 2 Farm-In: ......completing a further 17,000 metres of drilling within three years of completing the Stage 1 Farm-In.
If you look at how much more drilling is required for our full % gain of the JV and the timescales - potentially seven years - then you have to be patient. The quantity of drilling and the timescales are the norm for exploration.
I can see us completing the stage 1 drilling of 7,500m and the results still being a bit "meh". The telling moment will be if Rio do not commit money to fund more drilling, but Greatland have the courage of their convictions (and Callum Baxter's "How to Drill Deep and Hit Things" paper in their back pocket) and do commit to the next 17,000m on their own. It would be more financially rewarding, we earn 75%, if our success with the drill bit comes much much later.
Recognise the fact we were all spoiled by HAD005, and Scallywag 004 and Blackhills 003 were unrealistic wishful thinking.